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Bill > HR7021
US HR7021
US HR7021To amend the Internal Revenue Code of 1986 to provide for distributions from 529 plans to pay certain early education expenses.
summary
Introduced
10/02/2018
10/02/2018
In Committee
10/02/2018
10/02/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to provide for distributions from 529 plans to pay certain early education expenses. This bill amends the Internal Revenue Code to allow tax-free distributions from qualified tuition programs (known as 529 plans) to be used for qualified early education expenses, subject to a limit of $10,000 per beneficiary. "Qualified early education expenses" are expenses for providing educational and other care to a child under age 5 (including childcare provided before and after school), as determined under state law and pursuant to attendance at a school or facility licensed in the state for the purpose.
AI Summary
This bill amends the Internal Revenue Code to allow tax-free distributions from qualified tuition programs, known as 529 plans, to be used for qualified early education expenses, up to a limit of $10,000 per beneficiary. Qualified early education expenses are defined as expenses for providing educational and other care to a child under age 5, including childcare before and after school, as determined under state law and pursuant to attendance at a licensed school or facility for that purpose. The amendment applies to taxable years beginning after December 31, 2018.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 10/02/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/7021/all-info |
| BillText | https://www.congress.gov/115/bills/hr7021/BILLS-115hr7021ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr7021/BILLS-115hr7021ih.pdf.pdf |
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